Golfing CEOs

Yutaro Izumi, Hitoshi Shigeoka and Masayuki Yagasaki

Labour Economics, 2024, vol. 91, issue C

Abstract: Izumi et al. (2023) document the existence of CEO gender homophily in firm-to-firm transactions, where CEOs of the same gender are more likely to trade more than those of the opposite gender, putting female CEOs at a disadvantage in a male-dominated business landscape. In this paper, we examine whether informal networking tools, in particular playing golf as a hobby, mitigate this disadvantage for female CEOs. Using a unique dataset that includes both CEO hobbies and detailed inter-firm networks, we show that playing golf does not benefit female CEOs in finding male business partners, while for male CEOs playing golf is associated with a higher share of trading with male CEOs. This result suggests that women’s participation in traditionally male-dominated socializing activities does not necessarily help them gain access to male business networks.

Keywords: Gender; Homophily; CEO; Firm-to-firm transactions; Hobby; Golf; TSR data; Diversity and inclusion (search for similar items in EconPapers)
JEL-codes: D22 J16 L14 Z13 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:labeco:v:91:y:2024:i:c:s0927537124001350

DOI: 10.1016/j.labeco.2024.102639

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